Van Oord, the Dutch maritime contractor, reported a net profit of €127 million for 2023, more than doubling its 2022 figure of €60 million. This substantial growth was driven by a 42% increase in revenue, reaching a record €2.9 billion, up from €2.0 billion the previous year, reports Baird Maritime.
The company’s strong performance is attributed to high fleet utilization and a focused approach to risk and contract management. Van Oord also underwent a strategic reorganization in 2023, consolidating four business units into two: Dredging & Infra and Offshore Energy. This restructuring aimed to enhance operational efficiency and better serve global markets.
High fleet utilization and a focused approach to risk
Financially, Van Oord maintained a stable solvency ratio of 32.5% and improved its net debt position to €152 million by the end of 2023, despite significant investments totaling €298 million. The company’s order book also saw a 3% increase, reaching €4.429 billion.
In a notable leadership transition, CEO Pieter van Oord announced he would step down in April 2024 after over 15 years at the helm. His cousin, Govert van Oord, who has been with the company since 2002 and currently leads the Dredging & Infra unit, will assume the role, marking the fifth generation of family leadership.
Van Oord’s 2023 results reflect a significant recovery in the maritime sector, driven by global infrastructure demands and energy transition initiatives. The company’s strategic focus and operational excellence position it well for continued growth in the coming years.
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Source: Baird Maritime
